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Housing Market Balance: The Neighborhood Minute October 2023 | WesBanco

10/12/2023 - Neighborhood Minute

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The Neighborhood Minute: More Homes Are Hitting the Market

October 12, 2023

Rising Housing Inventory Signals Market Balance

According to housing market experts, housing inventory and building permit applications have started to increase, which is a positive sign that we’re moving in the direction of housing market balance. As inflation cools, the mortgage rate forecast remains steady, although it’s still trending high. The Fed left its benchmark interest rate unchanged, pausing an aggressive inflation fight amid growing optimism that the United States can achieve normal price levels without falling into a recession.

The Latest Housing Market Trend Report

30-Year Fixed Mortgage Rates Hold Steady as Inflation Cools

  • Current housing market rates are steady after hitting a historic highpoint in August.
  • The current 30-year fixed mortgage rate is hovering around 7%.
  • Experts suggest buyers should get pre-approved for a mortgage, make decisions fast and be ready to close quickly to lock in the best possible mortgage rate.

Housing Inventory Increase?

  • Data suggests more builders are submitting permit applications, meaning housing inventory will be increasing and builder confidence is growing in housing market recovery.
  • The total supply of homes has been bumped up to 3 months, which is the halfway point for the market to be considered normal and balanced.
  • Home sales are declining, but those in the market are still seeing competitive conditions.
  • Experts suggest partnering with a realtor you can trust because a good realtor can get buyers access to housing inventory more efficiently.

 

2¢ Worth of Wisdom

Q: Will I need to purchase private mortgage insurance (PMI)?
A: “It comes down to how much you decide to put down on your home. If you’re able to put 20% down, you most likely won’t need PMI. However, if your down payment is less than 20%, PMI is required to protect the lender. It doesn’t last forever—only until you build 20% equity in your home. But how long that takes will depend on the mortgage you choose.”

—Ed Hensley, Executive Vice President and Manager, Residential Lending

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*All information cited can be found on housingwire.com.

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